SBA Assistance

​The US Small Business Administration is offering low interest federal disaster loans for working capital to Kentucky small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).  The disaster declaration makes SBA assistance available in the entire state of Kentucky.  For more information, check the following documents.

If you would like these documents emailed to you, please click here.

Disaster Loan Information
SBA provides low-interest disaster loans (EIDL) to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA Economic Injury Disaster Loans (EIDL) can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets. ​​
Complete the application by clicking HERE.
Coronavirus (COVID-19): Small Business Guidance & Loan Resources, click ​HERE.

Articles about the Paycheck Protection Program:

Understanding the Paycheck Protection Program
CARES Act: Helping Small Business
What is the Paycheck Protection Program? (A Simple Guide)
Sample PPP Application: Borrower Paycheck Protection Program Application.pdfBorrower Paycheck Protection Program Application.pdf
To access the SBA website, click HERE

Paycheck Protection Loan in a Nutshell

Maximum interest rate: 1%
Maximum loan amount: $10 million based on payroll expenses for 7(a) loans, $1 million for Express loans
Fees: Waived guarantee and annual fees
SBA guarantee: 100% of loan amount
Term: 10 years, with payments deferred for 6 months to a year after the loan is issued
Collateral: No collateral or personal guarantee
Turnaround: Faster than a 7(a) loan — lenders don’t have to wait for SBA approval
Other criteria: No requirement to prove you tried and failed to get credit elsewhere​

You can apply through an SBA lender that’s already authorized to offer SBA 7(a) or Express loans. However, the SBA plans on also making these loans available through lenders that don’t currently offer government-backed loans. But you’ll likely hit fewer snags by working with a lender that’s already dealt with the SBA.

The PPP is meant to cover operating costs, including:
Employee salaries, commissions or compensation
Other payroll costs
Healthcare insurance premiums
Paid sick, medical and family leave
Interest payments on mortgages
Interest on other debt issued before February 15, 2020
Refinancing SBA loans issued between January 31, 2020 and the date you take out the Paycheck Protection Loan
While these costs might be legitimate uses of the funds, some may not be eligible for reimbursement (check with lender)

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020.


Other Resources:

Intuit has launched a partnership with GoFundMe as an additional resource for small businesses across our nation. This initiative by Intuit encourages local small businesses to set up a GoFundMe page and set a fundraising goal. That goal could essentially be to cover all payroll or business expenses for the next 4 weeks or 8 weeks, etc. The business owner will create the page, set their needed financial goal and then Intuit and the community will be able to donate directly to that business' financial goal. The assistance is not expected to be paid back. For more information, click HERE.​​​​​



The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Click HERE for more information.


If you need additional information, please call (606) 487-1376​​​​​​​​​​

SBA Assistance